I don't think the U6 covers people who take lower paying jobs than the ones they have before. Maybe that's what's happening? At some point, you give up looking for another software engineering job and go work at Vons if the alternative is living in your 10 year old mini-van.
That's correct. A low-paying full-time job is still considered full employment.
Of course all these stats are fuzzy. Still, if people are going from out of work to having a low-paying job, that will eventually be reflected in the unemployment rate going down.
There's a bit of a puzzle when 80,000 jobs were created by 366,000 long-term unemployed suddenly vanish. Again, these are stats, not exact tallies.
Something like 400,000 new people applied for unemployment. So, theoretically you could have 0 "net new" jobs with all long term unemployed would go away, being replaced by newly unemployed.
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Of course all these stats are fuzzy. Still, if people are going from out of work to having a low-paying job, that will eventually be reflected in the unemployment rate going down.
There's a bit of a puzzle when 80,000 jobs were created by 366,000 long-term unemployed suddenly vanish. Again, these are stats, not exact tallies.
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